Resurgent Santos Overshadows Woodside
Woodside Petroleum and Santos produced very different quarterly reports yesterday.
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News
Santos Seals Deal For ConocoPhillips LNG Assets
Energy producer Santos has announced its second big acquisition in just over a year with the news that it will acquire ConocoPhillips’ Northern Australia assets for $US1.39 billion ($A2.05 billion).
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Santos Taps “Highest Ever” Oil Flow Rate From Dorado-3 Well
Santos shares are on the rise following a better than expected test report from the much anticipated Dorado-3 well being drilled off the Northwest WA coast.
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Material Matters: Iron Ore, Coal & Rutile
A glance through the latest expert views and predictions about commodities. China infrastructure; iron ore miners; Indian industry; coking coal; oil; and rutile.
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Quadrant Rounds Out Strong Year For Santos
The acquisition of WA-baed Quadrant Energy last year for $US2.15 billion (around $A2.9 billion) continues to pay off for Santos and its shareholders with better quality revenue and earnings and yesterday, a near doubling in interim dividend.
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Analyst Views
STO – UBS rates the stock as Neutral
Santos will acquire ConocoPhillips' northern Australian assets for $1.39bn. The transaction will be funded from free cash flow and $750m in new debt facilities as well as a 25% equity sell-down of Bayu-Undan and Darwin LNG.
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STO – UBS rates the stock as Neutral
UBS slightly reduces forecasts for oil prices through to 2021 but retains a long-term oil price at US$70/bbl, which is expected through 2022-24. The revised outlook for the next couple of years reflects a more subdued view on global demand, in line with economic forecasts.
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STO – UBS rates the stock as Upgrade to Neutral from Sell
Sales volumes in the September quarter were ahead of UBS estimates.
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STO – Morgan Stanley rates the stock as Overweight
The company has outlined a plan to raise production to 100mmboe by 2025. Morgan Stanley considers the target achievable and suspects the market will focus on the de-leveraging profile.
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STO – UBS rates the stock as Neutral
ExxonMobil, operator of the PNG LNG project, has stated that it may take eight weeks to repair and restore production from upstream operations following the earthquake.
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